Section 16-6a-610 - Purchase of memberships(1) Unless otherwise provided in the articles of incorporation or the bylaws, a nonprofit corporation may not purchase the membership of a member: (b) whose membership is terminated.(2)(a) If so authorized, a nonprofit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by:(i) its articles of incorporation or its bylaws; or(ii) agreement with the affected member.(b) A payment permitted under Subsection (2)(a) may not violate:(i) Section 16-6a-1301; or(ii) any other provision of this chapter.(3) A mutual benefit corporation may purchase a member's membership if, after the purchase is completed: (a) the mutual benefit corporation would be able to pay its debts as they become due in the usual course of its activities; and(b) the mutual benefit corporation's total assets would at least equal the sum of its total liabilities.(4) A water company may purchase the shares of a shareholder who is delinquent in payment of shareholder assessments, in accordance with Chapter 4, Share Assessment Act. Amended by Chapter 358, 2017 General Session ,§ 3, eff. 5/9/2017.Amended by Chapter 240, 2015 General Session ,§ 5, eff. 5/12/2015.Enacted by Chapter 300, 2000 General Session